The year of 2003 witnessed a leap-forward growth in fixed income business for Great Wall Securities. The successful issuance of the RMB 4-billion corporate bonds of China Huaneng Group by Great Wall Securities signified our formal access to the corporate bonds sales market hitherto monopolized by big investment banks.

Being an A-class member of the exchange-traded treasury bonds underwriting syndicate, Great Wall Securities underwrote RMB 2.69 billion T-bonds in 2003, with a market share of 2.17% and ranking at the 13th. Meanwhile the fixed income business managed to record an income of RMB 25 million, ranking at the 1st in Shenzhen Stock Exchange in terms of the turnover of spot T-bonds and the 23rd in Shanghai Stock Exchange. It had been the 4th consecutive year for us to mark profit in this business with annual return over 15%. Our aggregated turnover in spot and repo markets surpassed RMB 150 billion. With constant success in the fixed income area, fosterage of a group of institutional customers in major economic fields and formation of a large customer network, a good market image has been erected by Great Wall Securities that turns out to be a growing market leader.